Strict risk downside discipline needed

A rush to dump fixed income assets as America's Central Bank raised the prospect of growth reappearing hit some fixed income strategies, reinforcing hedge fund managers' need for strict downside risk control discipline. Dennis Rhee, managing partner at Treesdale Partners, whose Treesdale Fixed Income Fund has $95m under management, with $300m of advisory assets, says bond traders began selling, with the market at historically low rate levels, when comments of Federal Reserve chairman Alan Greenspan shifted from deflation to growth. "A precursor to July's events was the tremendous sell-...